Darpan Sanghvi, co-founder and CEO, The Good Glamm Group
Digital media platform ScoopWhoop has been acquired by The Good Glamm Group. This is the second acquisition by the company in less than a month. Earlier in October, it had acquired baby and mother products brand The Moms Co for Rs 500 crore, in the largest deal in the country in the direct-to-consumer (D2C) space.
Also Read: The Good Glamm Group acquires The Moms Co in Rs 500-crore deal
With the ScoopWhoop buyout, the company now intends to build its play in the men’s category. This is Good Glamm Group’s second acquisition in the content space. In 2020, it had acquired the women-centric content platform POPxo.
Darpan Sanghvi, group founder and CEO of Good Glamm Group said, “I have been an ardent user and fan of ScoopWhoop for a long time. It’s a privilege to have Sattvik, Rishi, Sriparna join the Good Glamm Group family and have ScoopWhoop accelerate the Group’s foray into building a content-to-commerce platform for the burgeoning male grooming and personal care segment.”
The male grooming bet
The recent acquisition will help the company to build its business in the $1.5 billion men’s grooming market.
“The acquisition of ScoopWhoop, which has a male audience of over 60 percent, will pave the way for entry into content-to-commerce for the fast-growing male segment. Over the next three years, the group will invest Rs. 500 crores in the men’s category,” the company said in a press note.
“Good Glamm Group’s commerce stack coupled with ScoopWhoop’s content capabilities and digital reach amongst men will turbocharge the group’s D2C capabilities in the male grooming segment,” it added.
The company is also looking to build as well as buy brands in the men’s grooming segment.
According to The Good Glamm Group, ScoopWhoop’s digital assets generate 1 billion monthly impressions and engage over 100 million users. Based in New Delhi, ScoopWhoop will continue to work as an independent brand and media house within the Good Glamm Group. Its founders Sattvik Mishra, Rishi Pratim Mukherjee and Sriparna Tikekar will continue leading ScoopWhoop and will work closely with Darpan Sanghvi, Priyanka Gill and Naiyya Saggi, co-founders of the Good Glamm Group, the company said.
Formation of Good Glamm Group
Founded in 2017, MyGlamm had introduced The Good Glamm Group in September consolidating all its businesses — MyGlamm, POPxo and BabyChakra — under one umbrella. The company had also announced plans to acquire six brands in the beauty and personal care space with the setting up of the group and has set aside Rs 750 crore for the purpose.
Read Here: MyGlamm is now The Good Glamm Group; earmarks Rs 750 crore for acquisitions in beauty, personal care segment)
Since the formation of the group, the company has acquired The Moms Co and now ScoopWhoop. It plans to acquire four more brands by March and achieve a revenue run rate of over Rs 1,800 crore by the end of FY22. The company, claim founders, currently has a revenue run rate of $100 million (about Rs 740 crore.)
After building its digital house of brands, the company will push for an IPO in the next two years. “We are hoping that we will be listed in 2023 as the first digital CPG company in India,” Sanghvi told Moneycontrol in an earlier conversation.
Also read: Want to list in 2023 at $10 billion valuation: Good Glamm's Darpan Sanghvi
It will be among a slew of new-age firms planning to go public after food aggregator Zomato’s blockbuster listing earlier this year. Policy Bazaar, Nykaa, Paytm and Delhivery are among the companies that plan to go public this year, while several others, including Byju’s and Snapdeal, have expressed similar intentions.The company in September topped up its series C round with an additional Rs 255 crore led by Trifecta Capital. It had raised Rs 175 crore in March and then another Rs 355 crore in July in a round led by Accel as part of its Series C funding. Most of the funds raised in the recent round will go towards acquiring new brands.